The global marine biotechnology market is expected to be worth $6.32 billion in 2023 and is projected to grow from $6.78 billion in 2024 to $13.59 billion in 2034, with a CAGR of 7.2% from 2024 to 2034. The increasingly improved development of pharmaceuticals, aquaculture, and fisheries is expected to drive the growth of the marine biotechnology market.

The key point

The key point is that by 2023, the North American market share will be approximately 44%. From the source, the revenue share of the algae sector in 2023 is 30%. Through application, the pharmaceutical niche market has achieved a maximum market share of 33% in 2023. In terms of end use, the medical and pharmaceutical sectors created the highest market share in 2023, at approximately 32%.
Overview of the Marine Biotechnology Market: The marine biotechnology market includes biotechnology applications that utilize marine biological resources such as animals, plants, and microorganisms for beneficial applications. It is used in bioremediation, renewable energy, agriculture, nutritional medicine, cosmetics, and pharmaceutical industries. The main driving factors involved are the growing research and development activities in emerging fields, as well as the increasing demand for marine components that are expected to promote the growth of marine organisms in the biotechnology market
In this market, consumers’ demand for omega-3 supplements derived from seaweed and fish oil continues to grow, which helps to witness this significant growth. Marine technology is a developing field that explores a large number of marine species and seeks new compounds that can be used in several industries. In addition, the growing demand for new drugs in the pharmaceutical industry is the main driving force of the market.